Jerry Reinsdorf Reaches Framework For Sale Of White Sox To Justin Ishbia
The White Sox announced today that a deal is in place for Justin Ishbia to purchase a controlling interest in the Chicago White Sox gradually.
The long-term investment agreement would see Ishbia make capital infusions into the White Sox as a limited partner in 2025 and 2026 that will be used to pay down existing debt and support ongoing team operations.
After that, the dynamic would change.
While the gap after 2026 is not detailed, from 2029 to 2033, Reinsdorf will have the option to sell the controlling interest to Ishbia. After the 2034 season, Ishbia will have the option to acquire the controlling interest in the White Sox.
The statement by the club goes on to say that should any such future transaction occur, all limited partners of the Sox would have the opportunity to sell to Ishbia at that time.
Justin Ishbia would also see his brother, Mat, and father, Jeff, as 'significant investors.'
Financial details were not revealed.
The escalation path would cap another key sports holding by Justin Ishbia, who in 2023 purchased the majority stake in the NBA's Phoenix Suns and the WNBA's Phoenix Mercury for a then-record $4 billion. He also owns a minority stake in Major League Soccer's Nashville SC. Forbes currently shows Ishbia's net worth at $4.3 billion.
The announcement comes at a critical time for the White Sox, who last year set a Major League modern era record for losses with a record of 41-121. According to Sportrac, the White Sox have a player payroll of $ 67,851,036, ranking them 28th, behind only the A's ($75,317,644) and the Miami Marlins ($66,840,425) for the lowest in all of Major League Baseball. The most recent valuation by Forbes shows the White Sox valued at $2 billion, ranking them 16th of 20.
Reinsdorf has also sought to get a new ballpark built for the White Sox. Currently the lease on Rate Field expires in October of 2029. The Ishbias would now play a critical factor in that effort.
Jerry Reinsdorf and Eddie Einhorn purchased the White Sox for $19 million in 1981 after MLB's owners rejected a sale from Bill Veeck to Ed DeBartolo. Since Reinsdorf purchased the club, the White Sox have made the playoffs five times, winning the World Series in 2005, their first since 1917.
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